This paper will hopefully provide an important methodological tool for all researchers who may be attempting to analyze and explain the growth of the service sector and its share in the Indian GDP over the past decades. [ICRIER WP no. 235].

Among fast growing developing countries, India is distinctive for the role of the service sector. However, sceptics have raised doubts about both the quality and sustainability of the increase in service sector activity and its implications for economic development. Using National Accounts...

India has undertaken extensive reforms in its manufacturing sector in the last two decades. However, an acceleration of growth in manufacturing, and a concomitant increase in employment, has eluded India. What might be holding the sector back? Using Annual Survey of Industries data at the...

The importance of an 'agricultural surplus' for the structural transformation accompanying economic growth is often stressed in development literature. 'Agricultural surplus', defined as the physical marketed surplus of food and raw materials, has an evident role in the expansion of non-farm...

The IMF attempts to stabilize private capital flows to emerging markets by providing public monitoring and emergency finance. In analyzing its role we contrast cases where banks and bondholders do the lending. Banks have a natural advantage in monitoring and creditor coordination, while bonds...